Lifetime Group gears up for mortgages - Good Returns16 December by
Lifetime Group gears up for mortgages - Good Returns
The Christchurch-based Lifetime Group is set to become a bigger player in the mortgage broking market after its most recent deal.
It has formed a strategic partnership with the Rothbury Group which see it take over Rothbury’s life insurance and mortgage businesses. Rothbury gets Lifetime’s general insurance business and it is also is taking a cornerstone shareholding in LIfetime.
Rothbury, which is the fourth largest general broker in New Zealand and part of the ASX-listed Steadfast Group, has bought a 19.5% stake in the business for $8 million.
Lifetime’s mortgage business will get another eight brokers, bringing the total to 19, and it will generate around $400 million in loans a year.
Lifetime chief executive Mike Jones says that he sees “real potential for growth in the mortgage business”